This paper discusses stabilization policy in the presence of bands for the exchange rate. The bands are modelled in a probabilistic sense: monetary policy has to be such as to keep the probability, that the exchange rate stays within the bands, above a certain threshold. In contrast to other...

An optimistic assessment of America's economic prospects examines positive trends that indicate imminent improvements, explaining how America is tapping the same strengths that enabled recovery after the Great Depression

There have been only a small number of empirical studies assessing the determinants of economic institutions despite the development of several notable theories regarding their origins and their impact on economic development. In this article, we identify the key determinants of economic...

Industrial production in G7 countries is assumed to be driven by two exogenous disturbances. Those disturbances are identified in a VAR model so they can be interpreted as countryspecific and global supply shocks. The dynamic properties of the model are analyzed and the relative importance of...

We investigate into the role of the trade channel as important determinant of a country's current account position and the degree of business cycle synchronization with the rest of the world by comparing the predictions of two types of DGE models. It is shown that the behavior of a country's...

The purpose of the architecture of software systems in business organizations is to support those organizations in achieving business goals. In software development organizations the design of an architecture is a collective effort that involves various organizational stakeholders and designers,...